Freestanding Manufacturing
For Sale
$2,500,000
24900 Capitol, Redford, MI 48239
Single-occupant facility configured for manufacturing and distribution operations with dedicated loading access.
Property Size41,752 SF
Lot Size3.70 Acres
Price / SF$59.88
Days on Market1286
Property Features for 24900 Capitol
General Information
Standard status
Active
Size
41,752 SF
Lot size
3.70 Acres
Property subtype
Industrial
Zoning
M-2
Warehouse & Industrial
Dock-High Doors
2
Drive-In Doors
2
Power
2,000 amps
Voltage
480 V
Three-Phase Power
Yes
Additional Details
Asking Price
$2,500,000
Building Details
Building Size
41,752 SF
Year Built
1961
Buildings
1
Stories
1
Construction
Block
Tenancy
Single
Listing Agency:
NAI Farbman
(248) 351-4376
Listed By:
Brian Crawford · License #6501297834
(248) 351-4376
Source:
Cpix.resimplifi
Added: Feb 22, 2023
Changed: Aug 30
Last Checked: Aug 30 at 8:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Farbman
Investment Insights
Based on property information with market context.
This freestanding, single-occupant facility is currently used for manufacturing and distribution. The improvements include a block exterior, steel columns, and recent upgrades, along with electrical service estimated at 2,000 amps at 277/480V. Loading infrastructure includes two truck docks and two grade-level doors.
The property encompasses 3.70 acres at 24900 Capitol in Redford, Michigan. Its existing configuration combines industrial building improvements, substantial power capacity, and separate truck and grade-level loading access for ongoing manufacturing and distribution use.
The property encompasses 3.70 acres at 24900 Capitol in Redford, Michigan. Its existing configuration combines industrial building improvements, substantial power capacity, and separate truck and grade-level loading access for ongoing manufacturing and distribution use.
Key Highlights
- 3.70‑acre manufacturing and distribution property
- Estimated 2,000‑amp service at 277/480V
- Two truck docks and two grade‑level doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$203,069
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,061,380
$4.1M
Cap Rate 7%
$2,900,986
$2.9M
Cap Rate 9%
$2,256,322
$2.3M
Market Conditions
NOI Build-Up for 41,752 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$305.6K $7.32/SF
− Vacancy
−$15.5K −$0.37/SF
EGI
$290.1K $6.95/SF
− OpEx
−$87.0K −$2.08/SF
NOI
$203.1K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,061,380
Cap Rate 7%
$2,900,986
Cap Rate 9%
$2,256,322
Alternative Uses
Best Use
Warehouse
$4.25M
$3.72M – $4.96M
NOI $297,517 @ 7.0% cap · market cap 11.90%
Second Best
Industrial
$2.90M
$2.54M – $3.38M
NOI $203,069 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$9.21M
$8.06M – $10.75M
NOI $644,746 @ 7.0% cap · market cap 25.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
2
Drive-in doors
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 48239, MI
36,814
Population
14,869
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
93%
High-School Grad
9.5 sq mi
ZIP Area
3,875
Density / Sq Mi
$69,373
Median Household Income
$41,113
Median Earnings
$1,355
Median Rent
$145,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Single-occupant facility configured for manufacturing and distribution operations with dedicated loading access.
Where is this manufacturing property located?
The property is located at 24900 Capitol Redford, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 3.70‑acre manufacturing and distribution property; Estimated 2,000‑amp service at 277/480V; Two truck docks and two grade‑level doors
